Posted on 09/05/2017 1:27:53 PM PDT by Oldeconomybuyer
The New York Daily News, which bills itself as "New York's Hometown Newspaper," has been acquired by newspaper publisher Tronc.
The deal was struck for $1 and the assumption of pension and operational liabilities, according to The Chicago Tribune, which is owned by Tronc. The sale price is 50 cents less than the Sunday edition of the newspaper and matches the weekday newsstand price of $1 per copy.
In 1993, real estate magnate Mort Zuckerman bought it for $36 million. The newspaper's liabilities may exceed $30 million, The New York Times said. Chicago-based Tronc (TRNC), which also publishes the Los Angeles Times, announced the deal Monday night, and the Daily News posted a story on its website. It was first reported by The New York Times.
(Excerpt) Read more at cbsnews.com ...
Worth every penny.
The companies that went anti-Trump and have been destroyed is growing longer...
Considering the pension and debt obligations, I think it was probably, “...not worth every penny.”
“:^)
They overpaid.
I wonder what the value of the property owned by the News is.
Financial reports show the property values at original purchase price less depreciation if any not current market value. At least that is what I remember from my accounting courses.
Tronc is a public company. Why shareholders would go for this is beyond me
Actually they are paying in excess of $30 million if they are assuming the debts
They had no market. They were the paper for blue-collar, working-class folks in NYC but instead chased after the elites who read the Times.
Like Newsweek, a lefty paper that sold its stockholder value for the opportunity to push worthless lefty values.
Does the NYDN own and/or lease? Though I suppose leases might also be a good reason for purchasing. Though if that were the case, you’d think the rag would be worth more.
Probably bought for the value of its real estate holdings in Jersey City.
Maybe we should forget any rational business explanation for this and look at the political instead....
What kind of outfit is Tronc?....................
I thought they already owned it. Tronc is Tribune Corporation, which I know had been the owner of the Daily News and WPIX 11 at one point.
Their broadcasting assets are being bought out by Sinclair. I don’t know about their print assets.
The story in the Daily News doesn’t mention the purchase price.
http://www.nydailynews.com/new-york/new-york-daily-news-sold-tronc-article-1.3468954
It costs more than that to buy it at the newsstand.
Owner of the LA Times and Chicago Tribune... so another Left Wing Media Group.
Still overvalued
Meet the new Boss.
Same as the old Boss........................
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